May 25, 2022 / Unchained Daily / Laura Shin
- Coinbase became the first crypto company to join the Fortune 500.
- Optimism, a layer 2 in ETH, reduced the number of addresses eligible for the airdrop.
- The European Central Bank warned about crypto risks and called for more regulation.
- Hitting a huge milestone, Uniswap reached $1 trillion in cumulative trading volume.
- MicroStrategy stock price traded at 18-month lows.
- Merit Circle DAO proposed to refund Yield Guild Games’ seed investment.
- After the Terra collapse, South Korean authorities want to introduce more regulations around crypto exchanges.
- Several NFTs were stolen from Seth Green’s wallet after a phishing scam.
Today in Crypto Adoption…
- The Central African Republic will launch the first crypto investment hub in the continent.
- Fintech company Stripe joins OpenNode to offer conversion of payments into BTC.
- Former NBA star Magic Johnson announced the launch of a new NFT collection.
- Balenciaga, a luxury fashion brand, will accept crypto payments.
- Senator Ted Cruz said he wants Texas to be “the oasis on planet Earth for bitcoin and crypto”.
The $$$ Corner…
- Flowcarbon, a blockchain startup cofounded by WeWork founder Adam Neumann, raised $70 million.
- Common, a DeFi-focused startup, raised $20 million.
- Bud, a gaming platform, raised $36.8 million led by Sequoia Capital India.
- VC firm Standard Crypto raised $500 million for a new fund to invest in crypto and equities.
What Do You Meme?
Miladys NFT Collection Plummets After Creator Was Linked to a Racist Community
Milady NFT prices sank after it was revealed that the project creator was linked with an online cult.
Milady Maker is an NFT collectible created by Remilia Collective that was released in August 2021. The project consists of 9,691 unique digital items living on the Ethereum blockchain. It is categorized as an avatar project and the NFTs are inspired by anime.
According to data from NFT Price Floor, the project has suffered an 80% drawdown from 1.2 ETH to 0.25 ETH over the last 7 days.
It all started last week when a DeFi developer under the pseudonym of 0xngmi accused Charlotte Fang, Milady’s creator, of being “Miya,” an online racist community that spreads hate against Jews, black people, homosexuals, and even women.
After a lot of controversy and repercussions on social media, Fang admitted on Twitter that the accusations were indeed correct. “OK, full disclosure: I was Miya,” confessed Fang. In the short Twitter thread, Fang expressed his apologies for trying to hide his past and also announced he would be stepping down from the team.
Even though he does not deny having been part of the entity, it looks like Fang is not involved with Miya anymore. “Unequivocally, my real views hold no room for hate, and I detest abusers & groomers—trolling about it was juvenile, but in reality, I’ve never harmed a fly,” said the creator of Milady Maker.
On an endnote, Fang said he “is more bullish than ever” on the Milady NFT collection. “The community will take off moving on from the baggage I brought on,” added Fang.
Otto Suwen, a crypto and NFT specialist, highlighted the problem of creators having a dark past. When discovered, the project suffers greatly, along with its investors. “The floor dumping only hurts holders and doesn’t hurt project founders at all. There’s no way around this, but it’s extremely sad to see,” said Suwen.
- ChainLinkGod on stablecoins and how they’ll take over the global economy.
- Tascha Che on predicting the future of web3.
- Research analyst Juan Pellicer on over-collateralized stablecoins.
On The Pod…
Cobie, co-founder of Lido and UpOnlyTv, and Chris Burniske, partner at Placeholder Ventures, talk about surviving a crypto bear market, the Terra collapse, lessons they’ve learned from their mistakes, and much more. Show highlights:
- whether Chris and Cobie think crypto is in a bear market
- why Chris says these are the times to buy
- what effect the Terra debacle will have on the crypto industry
- why Chris was expecting UST to blow up
- why Chris thinks there is going to be another massive liquidation event
- whether an algo stablecoin could work
- why bear markets are sometimes a good thing
- how USDT was stress tested and proved its resilience
- how macro is affecting the crypto space and what the role of the Fed is
- when will we see the bottom of this bear market
- how meme coins are the symptoms of a broken system
- why this crypto cycle is different
- whether regulations are helping VCs rather than the retail investors
- why risky assets are the ones that could increase 10,000x
- whether the future of crypto is multichain or not
- how developers signal what ecosystem is going to win in the next expansion cycle
- whether Cobie thinks staking is dying
- how Chris judges market bottoms and tops
- what lessons Cobie and Chris have learned from their mistakes
- what innovations will catalyze the next bull cycle
- what needs to happen in the future for crypto to succeed
My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!
You can purchase it here: http://bit.ly/cryptopians